A SEBI-registered Research Analyst is an individual/entity that is authorized under SEBI (Research Analysts) Regulations, 2014 to prepare research reports and provide buy/sell/hold recommendations on securities to their clients. To obtain SEBI Research Analyst registration, the individual applicant, or in case of a non-individual entity, the designated individual, must clear the NISM Series XV-A exam, satisfy the eligibility criteria and then file an application via the BSE Intermediaries portal.
Want to become a SEBI-registered Research Analyst? Get in touch with Registrationwala experts. We’ll assist you with the SEBI RA registration process and ensure that the entire procedure runs smoothly and efficiently, so you can obtain a SEBI RA license without much hassle.
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SEBI Reasearch Analyst Registration Process
The Securities and Exchange Board of India (Research Analysts) Regulations, 2014 defines Research Analyst as an individual or entity primarily responsible for the preparation or publication of the content of the research report, providing research report, making recommendations for ‘buy/sell/hold’, giving price target or offering an opinion regarding public offer.
In order to become a Research Analyst in India, it is mandatory to obtain SEBI RA License. Without SEBI registration for research analyst, an individual/business cannot practice/operate as a Research Analyst in the country. The individual applicant, or designated person of non-individual applicant, must clear the NISM-Series-XV: Research Analyst Certification Examination.
Clearing this examination is mandatory for anyone who wants to become a Research Analyst in India. After successful registration, each and every SEBI-registered research analyst gets allotted a unique SEBI registration number in the format prefixed with INH. This number must be used in all research reports and official communications by RAs.
According to the Securities and Exchange Board of India (SEBI), the following are the different types of research analysts in India:
These research analysts specifically work for the brokerage firms and publish research reports for their clients
They work for the mutual funds, hedge funds and institutional investors. They analyze the stocks for making internal investment decisions with an aim to maximize portfolio performance.
As you can tell from their name, the independent research analysts do not have any affiliation with a brokerage firm or a fund house. They provide paid research and investment insights directly to individual clients and investors.
Whether you want to become a sell-side analyst, buy-side analyst or an independent analyst, RA registration with SEBI is mandatory.
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A SEBI-registered RA provides the following services:
A SEBI RA analyzes important details about a company like its financials and earnings reports. They also conduct an analysis of market/industry trends. To establish fair value of a stock, they use valuation models like price-earnings ratio and discounted cash flow. On the basis of intrinsic value analysis, they provide buy, hold or sell recommendations to their clients.
The SEBI RAs prepare and issue detailed reports regarding individual stocks, industries and broader economic conditions. In addition to this, they provide model portfolios and thematic investment ideas like value investing, growth stocks and ESG-based investing strategies.
The RAs identify the growth opportunities in different industries like banking, information technology, defence, renewable energy and pharmaceutical industries. They also evaluate the influence that government policies and regulations as well as global economic conditions have on specific sectors.
The RAs examine both domestic and international economic indicators like foreign exchange trends, GDP growth, inflation rates and interest rates. They offer insights regarding the available investment opportunities and share market trends.
To evaluate the long term value, the SEBI RAs examine how well a company has performed, industry growth and macroeconomic factors. To predict short-term price movements, they use trading patterns, technical indicators and price charts.
To obtain SEBI Research Analyst (RA) registration, applicants must satisfy the educational, certification, experience and financial eligibility requirements prescribed by SEBI. Below, we have stated the SEBI RA eligibility criteria 2026:
Previously, the applicant was required to hold a postgraduate qualification or professional degree restricted strictly to finance-related fields. However, now, SEBI has relaxed these norms to accept a graduate degree in any discipline, including non-finance streams like engineering, law, science or arts. Alternatively, they can hold a CFA Charter from the CFA Institute.
The graduate degree must be provided by a university which is recognized by University Grants Commission (UGC) or by any other commission/council/board/body established under an Act of Parliament in India for the purpose or an institute/association affiliated with such university; or an institute/association/university established by the central government or state government or autonomous institute falling under administrative control of Government of India, or in the case of the CFA Charter, it must be awarded directly by the CFA Institute.
An individual registered an RA under the SEBI 2014 regulations, individuals employed as research analysts and partners of a research analyst, if any, shall have, at all times, a NISM certification for research analysts as specified by the Board or any other certification which is recognized by the Board from time to time.
While filing the application for SEBI RA license registration, certain documents are required to be submitted along with the application form. These documents are mentioned below:
Identity Proof (PAN/Aadhaar Card)
Address Proof
Educational Qualification Certificates
NISM Certificate
ITR of the last 3 years
Business plan
Other documents, if required
Along with above-mentioned documents, certain declarations shall also be submitted:
Declaration of Compliance with Schedule II of SEBI Regulations.
Declaration of Compliance with all the Relevant Clauses of Chapter III of the Regulations.
Declaration of Compliance with Regulation 7(1) of Research Analysts Regulations 2014.
Declaration of Compliance with Regulation 7(2) of Research Analysts Regulations 2014.
Declaration of Necessary Infrastructure Availability.
Read All Declarations in Brief
The SEBI research analyst license cost India totally depends on the applicant category. In the table below, the updated fee structure is provided in accordance with SEBI Master Circular dated 6 February 2026:
|
Applicant Category |
Application Fee (₹) |
Registration Fee (₹) |
Total SEBI Fee (₹) |
|
Individual |
2,000 |
3,000 |
5,000 |
|
Partnership Firm |
2,000 |
3,000 |
5,000 |
|
Proxy Adviser |
2,000 |
3,000 |
5,000 |
|
Body Corporate |
20,000 |
30,000 |
50,000 |
|
LLP |
20,000 |
30,000 |
50,000 |
Note: In addition to the above fees payable to SEBI, applicants are also required to enlist with the Research Analyst Administration and Supervisory Body (RAASB). For this, they must pay the applicable administrative fees prescribed by RAASB.
The Research Analyst Registration process of SEBI involves the following steps:
For the grant of SEBI RA Registration, the applicant must first pass the NISM Series XV-A exam and fulfill other SEBI RA eligibility conditions. Then, they can file an application in prescribed format. The application for Research Analyst Registration must be submitted through the BSE Intermediaries Portal (BSE IA/RA Membership Portal).
The applicant is required to complete the online application, upload the necessary documents and then pay the prescribed application fee through the portal.
After receiving the application, the concerned authority will examine the application and the documents submitted by the applicant. For the purpose of considering the grant of registration as a Research Analyst, the authority will verify whether the applicant satisfies all the eligibility requirements prescribed under the SEBI (Research Analysts) Regulations, 2014.
Upon reviewing the application, if it is satisfied that the applicant fulfills all the requirements, the application will be approved and the applicant will be informed accordingly.
Once the application has been approved, the applicant is required to pay the prescribed registration fee. The registration fee must be paid within the prescribed timeline to proceed with the registration process.
After the registration fee has been paid and all regulatory requirements have been fulfilled, the Certificate of Registration will be granted to the applicant.
Upon receiving the Research Analyst Certificate, the applicant can lawfully offer Research Analyst services as defined under the SEBI (Research Analysts) Regulations, 2014 and provide research reports, recommendations and related research services in compliance with applicable regulations.
After in-principle approval from SEBI, the Research Analysts must comply with deposit-based financial requirements. This requirement replaces the earlier net worth requirement that RAs had. The deposit that RAs must maintain depends on the maximum number of clients served.
It must be maintained as bank fixed deposit or in liquid/overnight mutual funds, lien marked to RAASB (BSE Limited). As per SEBI Master Circular dated 6 February 2026, the deposit structure is as follows:-
|
Number of Clients Served |
Deposit Requirement (₹) |
|
Up to 150 clients |
1,00,000 |
|
151 – 300 clients |
2,00,000 |
|
301 – 1,000 clients |
5,00,000 |
|
1,001 and above clients |
10,00,000 |
Many of our clients first tried to file SEBI Research Analyst applications on their own. However, their applications were rejected or delayed and got stuck due to issues in the process. After that, they reached out to us. We have observed that the most common reasons for rejection or delay are incomplete KYC documents, mismatch in qualification details and incorrect/missing information in application form.
Applications that are properly prepared with correct details, documents and a valid NISM certification usually get approved faster and face fewer re-submissions. At Registrationwala, we ensure all details are filled correctly and in the proper format, which helps reduce the chances of rejection or delay.
If you plan to apply for Research Analyst License Registration, filing the application on your own can be a bit complicated due to all the paperwork. If you choose Registrationwala for assistance in Research Analyst Registration, the entire process with SEBI will be smooth and efficient.
Here are the top benefits of availing our services:
To understand your specific needs, our team of Research Analyst Registration Consultants offer personalized consultation and guide you through the entire process of Research Analyst Registration.
If you have any doubts regarding the registration process, we’ll make sure to clarify them and explain all the regulatory requirements of SEBI and outline all the steps involved.
Our Research Analyst Consultants at Registrationwala conduct a thorough initial assessment of your eligibility and preparedness for Research Analyst Registration. On the basis of this assessment, our consultants offer tailored advice so that you can meet the necessary criteria and reduce the risk of having your application rejected by SEBI.
For successful SEBI RA Registration, it is extremely important to have accurate and complete documentation. Registrationwala, with its team of professionals, will assist you in preparing and organizing all the necessary documentation according to the standards and guidelines of SEBI.
Due to our team’s meticulous approach, your application will be free from errors and the approval process will be streamlined.
Registrationwala team will handle the entire application submission process on your behalf. You can rest assured that your form will be filled correctly and submitted in a timely manner. We have more than a decade of expertise when it comes to dealing with SEBI’s procedures. This means that your application will be processed efficiently and your chances of obtaining the SEBI RA License will be increased.
By choosing Registrationwala, you’ll benefit from our comprehensive support, expert guidance, and dedicated service. We will make the entire SEBI Research Analyst Registration process straightforward and stress-free for you. So, don’t wait and get in touch with us now!
The research analysts in India are regulated by the Securities and Exchange Board of India (SEBI) under the SEBI (Research Analysts) Regulations, 2014 (“RA Regulations”).
According to SEBI, a "Proxy adviser” refers to an individual who provides advice to institutional investors or shareholders of a company in relation to exercise of their rights in the company including recommendations on public offer or voting recommendation regarding agenda items.
The application for Research Analyst Registration has to be submitted online via the BSE Intermediaries Portal (BSE IA/RA Membership Portal).
The INH Registration Number is a unique identification number issued by SEBI to a registered Research Analyst. This number needs to be mandatorily displayed on research reports and other communications that the Research Analyst issues.
The time required for SEBI RA license totally depends on how quickly an applicant files a complete and error-free application. It may also vary depending on whether any additional information, clarifications or documents are sought by SEBI during the examination of the application.
To become a SEBI Registered Research Analyst, you need to:
After approval from SEBI, Research Analysts must comply with SEBI’s deposit-based financial requirement and other obligations.
Yes, the NISM certification examination, known as NISM-Series-XV: Research Analyst Certification Examination, is mandatory for research analyst.
Eligibility for SEBI research analyst includes:
Yes, any graduate can become a SEBI-registered Research Analyst. After the 2025 SEBI (Research Analysts) (Second Amendment) Regulations came into force, a finance-specific degree is no longer a mandatory requirement.
For this, you must register with SEB under the SEBI RA Regulations, 2014.
An individual applicant must pay:
A partnership firm must pay:
A body corporate must pay:
An LLP must pay:
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